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Connecticut regulators stop Eversource from selling Aquarion for $2.4 billion
Eversource Energy's shares dropped over 10% after Connecticut regulators refused to approve the company's plan to sell its water utility. This was a blow to Eversource Energy's efforts at streamlining operations and reducing debt. Eversource sold Aquarion to a third party in January for $2.4 billion. Eversource acquired the water utility back in 2017 for $1.7 billion. The regulator concluded that despite meeting the financial and technological requirements, and ensuring a safe and reliable service for customers, the deal failed to meet the managerial suitability and responsible requirements in a way "consistent with the public's interest". Eversource replied that the state is interested in expanding non-profit models. PURA, however, found it difficult to switch from the investor-owned business model when tested. The 2024 Special Act directed the state's investigation into whether a non-profit model of ownership could better serve customers. Eversource, Aquarion Water Authority and South Central Connecticut Regional Water Authority filed the application to transfer control of Aquarion. Aquarion offers public water distribution and supply services to more than 226,000 customers across 73 towns and cities in Connecticut, Massachusetts and New Hampshire. The transaction was scheduled to close by the end of 2025. (Reporting and editing by Vijay Kishore in Bengaluru, Sumit Saha)
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Lula, Brazil's Lula, makes a diplomatic push to get an early climate agreement at the COP30 Summit
Brazil's President met with key negotiators on Wednesday at the COP30 Summit in an effort to reach a quick agreement on the most controversial issues of the global climate talks. These include fossil fuels, climate finance and other hot-button topics. Nearly 200 countries have gathered for a two-week U.N. Summit in the Amazonian city of Belem to increase multilateral action on climate change despite the absence from the U.S. There are still rifts over key issues, which is a new test for the international commitment to slowing global warming. Brazil hopes to break the recent trend of climate summits that ran past the deadline. It wants to approve a package on Wednesday and then address the remaining issues on Friday. It is facing delays in publishing new negotiation texts. NEW DRAFT TO BE PUBLISHED WEDNESDAY. The COP30 Presidency had planned to release a new draft of the original deal on Wednesday morning, but by early afternoon no announcements were made. Negotiators said that tough negotiations were still ongoing. The first version, published on Tuesday, presented a number of options which divided opinion. Brazil and 80 other nations that support the deal want to reach an agreement to help spur action for a 2023 COP28 agreement to transition from fossil fuels to renewable energy sources. Andre Correa do Lago, Brazil's COP30 president, said that the idea of creating an action plan to guide this transition was rejected by many others. Luiz inacio Lula da So arrived at the conference again on Wednesday to give the talks a new political boost. He was to meet with key negotiators and U.N. secretary-general Antonio Guterres. VANUATU: 'WE HAVE BLOCKERS' Vanuatu, an island nation in the Pacific Ocean, has a climate minister Ralph Regenvanu who told Saudi Arabia that Saudi Arabia is one of those opposing the fossil fuel plan. Saudi Arabia has not responded to comments immediately. Regenvanu stated, "I believe it will be very difficult... because we have blockers." Other island nations also said that the issue is vital. "We will have to fight tooth-and-nail." Tina Stege, Marshall Islands climate envoy, said many parties have stated that they don't want this in the text. A coalition of 100 organisations including Volvo and Unilever sent a letter, expressing their support for a roadmap that would assist countries and businesses in planning the transition to cleaner energy. Climate Finance The package also includes a number of other contentious issues, including how wealthy countries will finance poorer countries' switch to clean energy and what needs to be done to close the gap between emissions reductions promised and those required to stop temperature rises. The poorer countries, who are already suffering from the effects of global warming, rally for a strong result. We want ambition in finance. "We want ambition on adaption. "We want to see ambitious plans for the transition", Jiwoh Abdulai said, Sierra Leone’s climate minister. "We want to make sure that we are living on a sustainable path, not only for our generation but also for future generations." Five sources said that plans to launch a U.N. supported global market to trade carbon offset credits hit a snag due to disagreements between governments over funding. Five sources said that the funding to get the market up and running has been a problem as governments disagree over who will fund it.
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US lawmakers warn that any civil nuclear agreement with Saudi Arabia must not lead to an arms race
U.S. legislators warned against a nuclear arms races in the Middle East following the announcement by the United States and Saudi Arabia that they had signed an initial agreement for civil nuclear energy collaboration. U.S. Energy Sec. Chris Wright, Saudi Energy Minister Prince Abdulaziz bin Salman and Interior Secretary Doug Burgum signed an initial agreement for civil nuclear cooperation on Tuesday, as Saudi Crown Prince Mohammed bin Salman made his first White House trip in over seven years. The countries have been in talks about nuclear power cooperation for many years, including under the former president Joe Biden. Progress has been slow because Saudi Arabia has refused to accept U.S. demands that would have prohibited enriching uranium and reprocessing used fuel, which could lead to the development of a nuclear weapon. DEMOCRATS CALL FOR IMPROVED INSPECTIONS Senator Jeanne Shaheen is the top Democrat in the Senate Foreign Relations Committee. She said that any agreement with Saudi Arabia should include enhanced inspections via an agreement called the Additional Protocol. This protocol increases the International Atomic Energy Agency's ability to verify the peaceful use of nuclear material. She said it is crucial that the U.S. holds Saudi Arabia to a "gold standard" under the 123 Agreement, to ensure Riyadh does not enrich uranium and reprocess Plutonium. This is what the United Arab Emirates did in 2009, when they signed a civil nuclear pact, with Washington. "We cannot fuel a nuclear race in the Middle East." Concerns about nuclear proliferation grew after the crown prince said to CBS in 2018: "Saudi Arabia doesn't want to acquire any nuke bombs, but we will certainly follow Iran if they develop a bomb as soon as it is possible." Wright said to Fox News that the original agreement did not include uranium enrichment. Wright stated that the deal was not about uranium enrichment or anything else related to weapons. He had said a day earlier that the deal includes "bilateral safety agreements" and an agreement to prevent proliferation. Some lawmakers and experts in non-proliferation said that the agreement should not be expanded to allow enrichment or reprocessing. Ed Markey, a Democrat Senator from Massachusetts said: "We cannot give Saudi Arabia nuclear technology while ignoring their desire for nuclear weapons." "I urge the Trump administration insist on gold standard safeguards, such as enrichment bans and complete inspections, before any deal." Andrea Stricker is a nonproliferation specialist and deputy director at the Foundation for Defense of Democracies. She said that if the U.S. was lax in its safeguards towards Saudi Arabia, then it would be harder to convince Iran of the importance of not reconstituting and reprocessing. Stricker stated that Wright had said the same thing on Fox. (Reporting and editing by Rod Nickel; Timothy Gardner)
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Lithuania to reopen Belarus borders after balloon incidents
Lithuania said it will reopen the border crossings to Belarus after a temporary closure was imposed due to balloons used by smugglers disrupting airspace. The Prime Minister's spokesperson announced that the two border crossings would reopen Thursday. Last month, Lithuania announced that they would be closed until the end November due to weather balloons from Belarus which have caused disruptions in air traffic. Lithuania said that the balloons were flown by smugglers who transported contraband cigarettes. It blamed Belarus's president Alexander Lukashenko, calling the practice a "hybrid assault". In recent weeks, the number of air traffic incidents has decreased. Vilnius Airport was closed for eight days last. The Lithuanian Interior minister Vladislav Kondratovic said that the situation has changed, and state border crossing restrictions are no longer necessary to maintain domestic security. Belarus later said it received an official notification from Lithuania stating that two border crossings will be reopened Thursday at 1100 Minsk time (2220 GMT). Both countries share a total of six border crossings. "The Belarusian Border Service is ready to resume the passage of individuals and vehicles at the Belarusian-Lithuanian section of the border," the Belarus State Border Committee said in a statement on Telegram. Poland reopened this week two border crossings near Lithuania with Belarus that it had closed for the past two weeks to show solidarity with its neighbor. Lukashenko called the border closure "crazy scam", and accused the West of fighting an hybrid war against Belarus, Russia, which was ushering a new age of barbed wire division. Lithuania accuses Belarus of holding 1,000 Lithuanian trucks in Belarus to prevent them from returning home once the border has been closed. (Reporting and additional reporting by Gwladys Fauch, editing by Stine Jacobsen, Terje Solsvik, Ed Osmond, Stine Jacobsen)
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SQM's profits and demand outlook are boosted by the recent rise in lithium prices
SQM, a Chilean lithium producer, said that the demand for lithium could increase by 25% in 2019 compared to 2024. The company reported on Wednesday its highest prices in two years, driven by an increased use of electric vehicles and energy storage. SQM's third-quarter net income grew 36% on-year, from $131.4 to $178.4 millions. The revenue also increased, rising 8.9% from $1.08 billion to $1.17 Billion. SQM shares listed in the United States rose to a record high of $64.60 per share on Wednesday, marking their highest level for over two years. In recent months, lithium prices have cooled since 2022, when they reached record highs. This is because supply growth has outpaced demand. This has impacted margins of global producers such as SQM, and U.S. based Albemarle. Yet the July-to-September period marked stronger-than-expected demand, SQM said. In a conference call with analysts, CEO Ricardo Ramos said, "We are cautiously optimistic, even though the market is highly volatile." He also noted that he expects the trend to continue into the fourth quarter. He said that the demand for energy storage systems and electric vehicles is still strong. SQM has also reduced its investment forecast for 2025-2027 by a significant amount, reducing its estimate of capital expenditure to $2.7 billion. SQM's investment outlook for 2025 to 2027 has also been significantly narrowed. It has revised its capital expenditure estimate from $3.1-$3.8 billion. The company admitted that some of its investment decisions had been delayed, but it maintained its production and sale targets. The company stated that the revised capex would be distributed evenly throughout each year with roughly a quarter of it going towards maintenance. Pablo Hernandez, Vice President of Strategy and Development at SQM Chile's lithium division, stated that SQM anticipates the lithium demand to increase by 25% this year, to more than 1.5 metric tonnes, and to 1.7 metric tonnes in 2026. He said that he was still assessing the demand growth expectations for next year. "We remain conservative," he added. SQM is one of two lithium producers in Chile, along with Albemarle. It also produces fertilizers and industrial chemical products. SQM said that it also expects to finalize its partnership with Codelco, the state-owned miner in charge of lithium extraction on the Atacama Salt Flat by the end the year. The only approval still needed is from Chile's comptroller, after China's market regulator approved the deal last week. Ramos said to analysts that "we will close this year." Reporting by Daina Solomon in Santiago, and Disha Mishra from Bengaluru. Editing by Nivedita Bhattacharjee, Aurora Ellis and Nivedita Bhattacharjee.
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Carson Block, Muddy Waters' Carson Block, says he owns Snowline Gold Corp.
Muddy Waters founder Carson Block announced on Wednesday that he had taken a position long in Canadian gold mining company Snowline Gold Corp. This marks a departure from the famous short seller. Snowline Gold Corp. is working on potential projects that Block believes are undervalued in comparison to gold prices and the amount of valuable metals the sites can produce. Block spoke at the Sohn Conference, held in London. Block, in describing the public reports that the junior miner released, said that the company took a conservative approach with its own growth forecasts. Block said, "We believe this project is feasible at $1800 gold. We don't think there are any downside risks at that price." Gold has risen to around $4,070 per ounce. This is not far off recent record prices. The junior gold mining company is located in Canada's Yukon and has multiple projects, including the Rogue Valley deposit which is estimated to contain around 8 million ounces gold. The company didn't immediately respond to our request for comment. A long position is basically a bet on the value of an asset.
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The 300 kg gem found in the presidential palace of Madagascar was shown by the military ruler
Madagascar's interim President, who took power on the island nation in the Indian Ocean last month, unveiled a gem weighing 300 kg (661 pounds) that he claimed was found in the Presidential Palace. The Ambohitsorohitra State Palace, in Antananarivo's capital, Antananarivo, showed the dark boulder streaked with green crystal on Tuesday night. Expert analysis is still needed to determine the size and grade of the emerald that's embedded in the stone. Colonel Michael Randrianirina said, "This is an asset for the nation," as he stood next to the find. He promised "complete transparency" and said that "it might be sold". He did not give any details about how, when, and where the stone had been found. All he said was "we discovered this incredible treasure upon arrival" and that "we don't know why it was transported here". Carl Andriamparany, Mines Minister of Madagascar, called it a collector’s dream. He said that an emerald in its natural matrix was rare. Officials have not found a stone with a similar matrix documented anywhere in Madagascar. The government announced that the proceeds of a sale will go to the state treasury. (Reporting and writing by Lovasoa Rabary; Editing by Bate Felis and Alison Williams).
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Bangladesh court stops arbitration with India’s Adani Power for dues
The Bangladesh High Court halted arbitral proceedings on Wednesday between India's Adani Power and Bangladesh's power board over disputes regarding power supply payments. The Bangladesh Power Development Board and the company led by Indian billionaire Gautam Adian have been in dispute over unpaid electricity bills as part of an agreement that both parties signed in 2017. Adani and BPDB decided early this month to use an international arbitration process in order to settle disputes regarding Bangladesh's electricity supply payments. The court announced on Wednesday that arbitration would be suspended until a report is received from a committee formed by the high court to investigate fairness and any possible irregularities of the agreement between Bangladesh's government and Adani Group. Last year, the Bangladesh High Court ordered that a group of experts examine the contract between Adani and Bangladesh. Adani Power provides electricity from its 1,600 megawatt coal-fired Godda power station in eastern India. This plant meets almost a tenth the power needs of Bangladesh. Abdul Qayyum told reporters that if Adani begins arbitration proceedings in Singapore before the report is released, the investigation would be of no value. In December, the interim government of Bangladesh accused Adani for breaching the power-purchase agreement by refusing tax benefits to the Godda Plant that India had provided. Adani received a tariff from Bangladesh of 14,87 takas ($0.1220), per unit, during the fiscal period ending June 30, 2024. This was higher than the average 9.57 takas for power supplied by Indian companies. A spokesperson for the Adani Group said that the company had yet to review the court order. However, according to the agreement, any dispute between the parties must be resolved by the Singapore International Arbitration Centre which is outside the jurisdiction of Bangladeshi courts. BPDB didn't immediately respond to a comment request. Reporting by RumaPaul and SethuramanNR; Editing Maju Samuel
Greek refiner Motor Oil doubles nine-month net profit
Motor Oil, a Greek refiner, reported on Wednesday a dramatic increase in its nine-month net income. This was boosted by higher refining margins for the third quarter and an insurance payout following a fire that occurred at its Corinth Refinery.
The group reported a net profit of 453.2 millions euros ($523million) for the period January-September, compared to 224.1 million euro a year ago.
Motor Oil reported that it had received 244 million euro in insurance proceeds for the period. This included 211 million for business interruption, and 33 million for damage to assets after last year's blaze.
The Corinth Refinery is Greece's 2nd largest refinery and represents more than one third of the refining capacity in the country.
The revenue dropped from 9.37 billion euros to 8.48 billion euro in the same time period last year. The largest contributor to sales was refining, which generated 4.31 billion euro, followed by fuel marketing, with 3.46 billion.
The net debt of the company increased from 1.73 billion euro at the end 2024 to 1.89 billion euro by the end September. This was largely due to investments in renewable energy and the expansion of the retail network.
Motor Oil's gearing rate improved from 0.63 to 0.59, despite the increase, thanks to higher equity. $1 = 0.8664 euro (Reporting and editing by David Goodman, Emelia Sithole Matarise).
(source: Reuters)